Medivation ‘rejects Sanofi’s takeover bid’

Sanofi is reported to have had a bid to take over Medivation turned down.

According to Bloomberg, Sanofi is interested in acquiring the cancer therapy specialist as part of an effort to tap into this market more widely.

However, Medivation is resisting the bid, while Sanofi is understood to be considering a hostile takeover.

The option of Medivation opting for a much more generous bid also remains a possibility, if Bloomberg's sources are correct.

Sanofi set up a cancer research drive seven years ago, but it has seen limited success with many of the treatments that have been developed since then.

As a result, it believes purchasing Medivation and adding products such as prostate cancer drug Xtandi (enzalutamide) to its portfolio could help it establish a firmer base in this sector.

The drug has already established itself as a more popular treatment option in the US than Johnson & Johnson's Zytiga (abiraterone), with sales rising by 80 per cent last year.